Cebu-based listed fuel trader and retailer Top Line Business Development Corp. is set to accelerate its infrastructure expansion, earmarking proceeds from its fundraising activity for depot renovations and efforts to increase storage capacity.

In a media briefing on Monday, May 11, Constance Marie Lim, Top Line first vice president and chief financial officer (CFO), said part of the firm’s capital expenditure (capex) will be spent to build and renovate its depot facility in Visayas region.

“We would expect our capex to increase because of the construction and renovation of the depot this year,” she said, without disclosing projected total capital spending for 2026.

According to the CFO, more than ₱200 million will be earmarked for depot expansion.

Proceeds from the company’s preferred shares offering will finance its programmed capital outlays for the year. In April, the Securities and Exchange Commission (SEC) approved Top Line’s ₱15-billion shelf registration and its initial ₱1.5-billion tranche.

The company’s first-quarter net income grew by 64.3 percent to ₱62.27 million from ₱37.89 million, while consolidated revenues likewise increased by 75.4 percent to ₱1.76 billion.

Gross profit also jumped by 84.3 percent to ₱169.9 million from ₱92.16 million.

Throughout the first three months of the year, Top Line’s total fuel sales expanded to 31.26 million liters, up 43.4 percent from 21.8 million liters a year ago. The company remains on track to achieve its target of 40 million liters.

Its gross profit margin also increased to 16.8 percent from 11.44 percent.

Eugene Erik Lim, Top Line president and chief executive officer (CEO), expressed optimism that the company would sustain its double-digit growth momentum, citing a rapid scale-up from just four service stations last year to 18 currently in operation.

“We’re looking at making sure that we’re going to operate all of the different, 15 and up [service stations] this year. So we’re hoping to sustain that,” he added.

“Our retail performance validates the strategic use of the IPO [initial public offering] proceeds we raised last year for market penetration. We moved quickly when opportunities became available, and that accelerated our station rollout and revenue contribution,” said Brigitte Carmel Lim, senior vice president and chief operating officer (COO).